ZaraAnnual-Arabic2009

ZARA INVESTMENT COMPANY (HOLDING COMPANY)
CONSOLIDATED BALANCE SHEET AS OF DECEMBER 31, 2009
ZARA INVESTMENT COMPANY (HOLDING COMPANY)
CONSOLIDATED INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2009
ASSETS Notes 2009
JD
2008
JD
Non-Current Assets -
Property and equipment 3 192,087,675 161,953,400
Projects in progress 4 21,719,739 31,244,359
Available-for-sale investments 5 31,680,994 27,351,906
Advance payments on investments 2,486,537 4,700,000
247,974,945 225,249,665
Current Assets -
Inventory 2,141,115 2,114,546
Accounts receivable 6 7,001,659 7,572,885
Other current assets 7 8,362,940 5,209,347
Cash on hand and at banks 8 7,088,301 15,433,236
24,594,015 30,330,014
Total Assets 272,568,960 255,579,679
EQUITY AND LIABILITIES
Equity Attributable to Shareholders -
Paid in capital 125,000,000 125,000,000
Statutory reserve 9 2,747,747 2,030,948
Voluntary reserve 9 689,496 689,496
Cumulative change in fair value 5 18,744,229 17,475,879
Accumulated losses ( 7,214,533) ( 13,522,369)
Equity attributable to shareholders 139,966,939 131,673,954
Non-controlling interests 19 16,793,018 14,118,166
Total Equity 156,759,957 145,792,120
Non-Current Liabilities -
Long-term loans 10 85,832,400 70,703,142
Deferred tax liabilities 20 1,249,615 1,165,058
87,082,015 71,868,200
Current Liabilities -
Current portion of long-term loans 10 6,807,142 1,464,285
Current portion of long-term bonds 11 - 18,000,000
Accounts payable 8,595,204 8,365,556
Other current liabilities 12 12,014,800 10,089,518
Due to banks 13 1,309,842 -
28,726,988 37,919,359
Total Liabilities 115,809,003 109,787,559
Total Equity and Liabilities 272,568,960 255,579,679
Notes 2009
JD
2008
JD
Operating revenues 76,698,399 77,820,204
Operating expenses ( 52,003,387) ( 48,536,029)
Net operating income 14 24,695,012 29,284,175
Less: Administrative expenses 15 3,555,950 3,382,417
Losses from financial investments 16 25,520 8,623
Add: Other income 1,351,073 1,156,182
Profit from operations 22,464,615 27,049,317
Less: Net financing expenses 17 5,618,698 5,205,178
Depreciation 7,920,702 6,367,565
Provisions and other expenses 18 38,752 2,465,819
Miscellaneous fees 312,705 393,420
Profit before income tax 8,573,758 12,617,335
Income tax 20 ( 1,305,322) ( 877,833)
Attributable to:
Profit for the year 7,268,436 11,739,502
Shareholders 7,024,635 9,844,760
Non-controlling interests 19 243,801 1,894,742
7,268,436 11,739,502
Basic and diluted earnings per share 21 0.056 0.079
ZARA INVESTMENT COMPANY (HOLDING COMPANY)
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED DECEMBER 31, 2009
Notes 2009
JD
2008
JD
Profit for the year 7,268,436 11,739,502
Cumulative change in fair value of availablefor-sale
1,268,350 2,162,604
investment
Comprehensive income for the year 8,536,786 13,902,106
Attributable to:
Shareholders 8,292,985 12,007,364
Non–controlling interests 243,801 1,894,742
8,536,786 13,902,106
The accompanying notes from 1 to 30 are an integral part of these consolidated financial statements.
The accompanying notes from 1 to 30 are an integral part of these consolidated financial statements.
46 Consolidated Financial Statement Annual Report 2009
47